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Last Wednesday stocks sprinted to an all-time high. Those breakout events are usually followed up with more good cheer. Not this time around as Monday was the 3rd straight session in the red.
Look no further than your elected officials in Washington who are once again flirting with hitting the debt limit and a possible government shutdown. Not quite sure how "compromise" became a dirty word in those parts, but they sure hate the notion.
Instead both sides would rather hold the nation hostage... which is in no one's best interest. In the end I expect some half-baked solution that keeps the economy rolling along for another 6-12 months until we hit some other unnecessary deadline scenario.
Until this is cleared up, stocks will likely trade in a tight range between the 50 day moving average at 1680 and the recent highs at 1729... probably towards the mid to lower part of that range for now. Once they reach a solution shares should be ready for their next leg higher.
Solution = Buy the Dips (or if already 100% long with top ranked stocks, then stay put as your patience will be rewarded soon enough).
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